Audax Renovables, S.A. (ADX.MC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-95.5%

€0.05

vs €1.03 price

Levered DCF

€0.63

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.94

Grey zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	31.72×	11.92×	19.7×	93.69×	-323.08×	32.39×	37.09×	26.33×
P/B	2.95×	3.32×	3.54×	2.7×	4.19×	6.32×	7.71×	1.83×
P/S	0.33×	0.35×	0.25×	0.13×	0.33×	0.88×	0.91×	0.22×
EV / EBITDA	9.54×	7.4×	9.49×	11.74×	22.35×	16.05×	14.33×	9.13×
Gross margin	5.4%	11.6%	10.0%	5.2%	6.8%	11.7%	11.9%	10.3%
Operating margin	4.3%	4.7%	3.3%	1.2%	1.5%	4.8%	4.5%	2.9%
Net margin	1.0%	3.1%	1.3%	0.1%	-0.1%	2.7%	2.4%	0.9%
Current ratio	1.05×	1.18×	1.29×	1.34×	1.35×	1.57×	0.99×	0.86×
Debt / equity	2.9×	2.85×	3.76×	5.42×	5.96×	4.89×	2.77×	3.3×
Interest coverage	2.37×	2.85×	2.17×	0.99×	0.86×	2.64×	2.41×	1.36×
Dividend yield	2.4%	2.3%	0.0%	0.4%	1.9%	0.6%	0.2%	0.5%
Payout ratio	76.5%	27.1%	0.2%	34.6%	-598.7%	17.8%	6.8%	13.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.3%	28.8%	18.0%	2.9%	-1.3%	19.5%	20.8%	7.0%
Return on invested capital	4.5%	7.5%	6.1%	2.2%	2.4%	4.7%	8.2%	3.4%
Return on assets	1.4%	4.4%	2.2%	0.3%	-0.1%	2.3%	3.3%	1.0%
Free cash flow yield	0.3%	2.5%	19.1%	31.7%	-20.4%	6.9%	2.4%	23.9%
Earnings yield	3.2%	8.7%	5.1%	1.1%	-0.3%	3.1%	2.7%	3.8%
Enterprise value	€954.5M	€1.1B	€946.9M	€788.1M	€1.1B	€1.1B	€1.1B	€521.4M
Net debt / EBITDA	3.33×	2.56×	3.76×	6.82×	11.08×	4.1×	2.38×	5.26×
Cash conversion cycle (days)	9	15	-2	21	43	38	18	19